- Many auto insurance companies already offered coronavirus discounts
- Why working from home can lower your auto insurance premium
- Take these steps to improve your chances of securing a lower auto insurance rate
- Here’s how to make changes to your insurance policy
- Other ways to save money on your vehicle during the pandemic
- The bottom line
Many auto insurance companies already offered coronavirus discounts
- Allstate issued a 15% payback for personal car insurance companies for the months of April, May, and June.
- GEICO offered a 15% credit on auto insurance renewals for personal auto and motorcycle customers between April and October of 2020.
- Nationwide released a one-time $50 refund per personal auto policy for all customers between March and April 2020.
- Farmers Insurance reduced premiums by 25% in April and 15% in May.
- Progressive issued 20% discounts on premiums in April and May.
- USAA issued 20% discounts on premiums in April, May, and June.
- Liberty Mutual issued 15% discounts on premiums in April and May, and waived late fees.
Why working from home can lower your auto insurance premium
Take these steps to improve your chances of securing a lower auto insurance rate
Let your insurance provider know you’ve been researching rates
Calculate your yearly mileage
|Auto Insurance Provider||Pleasure Use Only Annual Premium (average)||Commuter Annual Premium (average)||Savings|
Review any other eligible discounts
- Bundling services discounts. This is usually automatic, but if your homeowners’ insurance and auto insurance are through different providers, consider bundling them to save money.
- Multiple car discounts. If you’re insuring more than one car at your address, consider putting them on the same policy to save money.
- Automatic payment discounts. Many companies will offer you a discount if you enroll in autopay.
- Full pay discounts. If your policy lasts six months or a year, you are often eligible for a discount if you pay in full, rather than paying monthly.
- Paperless billing discounts. If you opt to receive your bill via email, you could receive a discount.
- Online policy discounts. If you purchased your auto policy online, you could receive a discount.
- Affiliation discounts. If you’re a member of a particular group, you might be able to secure a discount (i.e. you’re a government employee).
- Credit rating discounts. Many insurance companies offer discounts for good credit, so be sure to review your options if your credit score has increased.
- Vehicle safety and anti-theft discounts. Some vehicles with specific safety features and anti-theft devices could qualify for these discounts.
- Student discounts. Some companies offer discounts for college students, students with good grades, or students studying away from home (and their car).
- Safe driver discounts. Continuously maintaining a safe driving record and accident-free history can also score you discounts.
Here’s how to make changes to your insurance policy
- Your policy information (you can pull this up online if you don’t have a copy)
- An overview of any changes you’d like to make
- Annual mileage decreases (if applicable)
- A list of discounts you believe you’re eligible for
Other ways to save money on your vehicle during the pandemic
Downsize from two cars to one
Store your car
Trade-in your car for a used vehicle
Ask to increase your deductible
Consider usage-based car insurance
The bottom line
Reclaim Up to $610/Year in Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But, who has the time to look around for around a new company?
A website called CarInsurance.net makes it super easy to see if you’re getting the lowest price. All you have to do is enter your ZIP code and your age, and it’ll show you your options.
Using CarInsurance.net, people have saved up to $610 a year.
It takes just a few minutes to see how much CarInsurance.net could put back in your pocket. And the best part? Because we’re driving less, some insurers are slashing prices this month.